By Chris Becker
The average African’s time preference will need to change if Africa is going have the capital and investment funds necessary for the transformation into a manufacturing hub. But with a tradition of mismanaged currencies, negative real interest rates, and rising consumer credit there is a strong anti-saving mentality in place.
By Walter Williams
We can think of profiling as a method to economize on information costs by using easily observed physical characteristics as a proxy or a guess for some other characteristic more difficult or costlier to observe.
By Robert Murphy
Recently Nelson Mandela celebrated his 93rd birthday. In honor of the event, the Nelson Mandela Foundation asked people to donate 67 minutes of their time to public service. Although the foundation and the media reporting on it undoubtedly mean well, the entire discussion perpetuates the myth that paid work is somehow useless to society. But the truth is just the opposite: If someone is actually getting paid to do work, he or she knows that at least one person values it. In contrast, volunteer work may or may not be useful, because it lacks the feedback of market prices.
By William H. Hutt
When we buy a product in the free market, we do not ask: What was the colour of the person who made it? Nor do we ask about the sex, race, nationality, religion or political opinions of the producer. All we are interested in is whether it is good value for money. Hence it is in the interest of business men (who must try to produce at least cost in anticipation of demand) not only to seek out and employ the least privileged classes (excluded by custom or legislation from more remunerative employments) but actually to educate them for these opportunities by investing in them.
By Douglas French
To the minds of most environmentalists, the ham-hand of government is needed to protect wildlife. But government’s good intentions have done little to protect endangered wildlife. It is only private property and market pricing that will protect these majestic creatures for future generations to marvel at and enjoy.